Company asking for $2500 down payment to be on their insurance

None of that sounds good at all. Anyone that wants to Own the plate, or charge for Insurance etc. Should be willing to deduct it from future earnings. Anything more than maybe an escroll account to cover a $1000 deductible. Even that should be paid over time. Most deals like theirs, ends with them keeping your money. Stay away from them. Period. Too many red flags,

 

Never heard of a down payment for insurance when leasing on. I recommend you get your own tags. If they decide to terminate you lease and take the tags off of your truck, you will be screwed. $150 a week is not unheard of. $410 a week is VERY high, you would be paying over $19,000 to be leased on to someone.

 

This is my point, not cutting the op a break, these crap companies screw all of us over and make it hard to find good drivers and owners because many of them fail with these crap companies and they leave or become crap drivers or owners.

the op could go to LS or Mercer or a number of other large companies, take advantage of their programs to get it together and move on once he has a good reserve built up and experience how to work a system. This is what a lot of new owners do and are successful, but a majority of them dont go on forums, they are working and enjoying life.

 

I just hit my first year with Landstar after 16 years of car hauling under my own authority.
I can tell you first hand, I have significantly more money left at the end of the month running 1 truck at LS than I did with 7 car haulers.
The discounts on tires, parts, repairs, fuel, insurance, etc are well worth being here. Plus, the financial backing... getting paid for EVERY load EVERY TIME. No charge backs or getting stiffed by brokers. This is as close to having your own authority as it gets without the bologna involved with your own authority. We schedule our loads, negotiate rates, run when and where we want. Go home, don't go home. Shack up with 16 hookers in Vegas for 3 weeks.... no one cares. No charge for van trailer usage. I bought a reefer... I get an extra 10% on ALL loads I haul. I do mostly hazmat... about 1 in 5 loads is just boring dry van. 1 in 10 loads is reefer. I rarely move for less than $2.50/mi TO THE TRUCK.... after LS gets their cut. My deadhead is very low also. They have a few rules that you can't bend or they will cut you but it is no big deal.

Long story short.... 17 years otr, this is by far the absolute best move I have ever made. My old business partner is leased on here also. He works 3-4 days a week and is home every night. I run coast to coast for 6 weeks then 2 weeks home.... you call all the shots.

DO NOT LEASE TO THAT COMPANY.
It is a really bad deal for you. Seriously. There's lots of companies that don't charge all that money. And for 20% they had better be doing something to earn it.

Your weekly costs over here will cost less than $100.... LS finances just about anything and everything. Once you have been here for 90 days.... tires are cheap and they do 10 week financing. I put 8 Bridgestone tires on my trailer 6 weeks ago. $2590, $300 per week. First payment came out today. After 1 year if you need an engine or in frame.... yep, they'll finance that too. Transmission, rears.... yep.

Lots of benefits to help you along.

But, if you choose to get screwed and struggle to make 50 cents with Vladimir Bolikov and comrads .... best of luck.

 

Jesus, you've about got me convinced to hang up my authority. Not kidding.

 

Run, that is a joke.

 

Look into a company called Mag Carriers out of Dearing Ga. They pay 90% of the load and $150 per week for trailer and $122 insurance per week no money's upfront.

 

Insane.
The demand for an insurance deposit should be a red flag…I’d walk away as soon as I could get up off the ground from laughing

 

That's insanely high insurance per truck for a multiple truck outfit, unless they're doing hazmat. Them asking for a down payment for insurance wouldn't bother me, but again it's insanely high. The 20% is high because you're paying for your own insurance & tags.